Business Improvement District (BID) consultation meetings start today (Wednesday) and continue across the Isle of Wight for the next couple of weeks, with local businesses being urged to join the discussion and have their say.
Nothing is certain, nothing has been agreed, but a vital part of the process is to gather opinion and collect the views of local businesses and the team want and need to hear them.
The first consultation meeting is being held at 11:00 this morning (Wednesday) at Ryde Castle, Ryde.
If the Business Improvement District plans are approved, all manner of Island businesses that benefit from tourism -1,289 in total – will be forced to pay a 1.75% ‘tax’ on their rateable value, if over £7,500. It could mean that every guest house in Sandown has to pay around £150 a year for 5 years, whilst a caravan park in Yarmouth could be forced to pay £1,837 a year – a total of £9,185 that has to be found by the business over the period of the BID.
Simon Dabell, Chair of Visit Isle of Wight says:
“It’s not a given that a BID will go ahead. The important thing is that we don’t sleep walk into financial disaster, but work together to protect and improve our way of life”.
For more information, a list of meetings or to book your tickets in advance go to www.isleofwightbid.com.
